The Identity and Access Management (IAM) solutions help organizations securely manage and govern digital identities, access privileges and user provisioning by enabling identity proofing, authentication and authorization. IAM solutions help detect vulnerabilities, reduce the risk of data breaches and meet compliance standards. The global Identity and Access Management Market is estimated to be valued at US$ 15.07 Billion in 2023 and is expected to exhibit a CAGR of 11 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing concerns regarding online identity theft and digital fraud have propelled the adoption of IAM solutions globally. Cybercriminals are increasingly targeting organizations and individuals online to steal financial and personal information. IAM solutions help detect fake identities and fraudulent activities in real-time. They authenticate users via multi-factor authentication and prevent unauthorized access to critical applications and data. With remote and hybrid work models becoming commonplace, the need for centralized access control and privileged access management has increased. IAM vendors are focusing on strengthening user authentication methods and integrating machine learning and AI capabilities to detect anomalous behaviors and advanced threats. Adoption of IAM-as-a-service solutions is also growing as they provide increased scalability and cost efficiency for organizations of all sizes.
SWOT Analysis
Strength: Identity and access management solutions provide centralized access control, single sign-on functionality, and multi-factor authentication capabilities. This simplifies access and enhances security.
Weakness: Successful implementation of identity and access management systems requires significant upfront costs and resources. Complex integrations with existing legacy applications can also pose challenges.
Opportunity: Remote and hybrid work models have increased the need for secure access for a distributed workforce. Growing regulatory standards for data privacy and security also create opportunities.
Threats: Consolidation among vendors has increased competition. Open-source and free identity management solutions also pose pricing and capability threats. Cyber threats continuously evolve which challenges security defenses.
Key Takeaways
The Global Identity And Access Management Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to grow from US$ 15.07 Bn in 2024 to over US$ 30 Bn by 2030, registering a CAGR of around 11%.
Regional analysis: North America currently dominates the market due to strict data privacy laws and early adoption of cloud technologies. However, Asia Pacific is expected to grow at the fastest pace owing to the rapidly evolving digital transformation initiatives in countries like China and India.
Key players: Some of the prominent players operating in the Identity and Access Management market are Autodesk Inc., IES (Integrated Environmental Solutions), Bentley Systems, Dassault Systèmes, EnergyPlus, CYPE Software, DesignBuilder Software, IESVE (IES Virtual Environment), Carrier, eQUEST, Trane Technologies, IES TaP, IES SCAN, Trimble, EnergySoft. These players are focusing on partnerships and product innovations to expand their market presence. For instance, in 2023 Autodesk partnered with Anthropic to enhance AI capabilities of their identity and access management solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
